Bringing you live news and features since 2006 

Seneca Investment Managers adds Samarang to Global Income & Growth Trust


Seneca Investment Managers has added Samarang Asian Prosperity Fund, a small cap pan-Asian fund run by Greg Fisher, to its portfolio.

Samarang uses traditional value investing techniques applied to the very small cap regions of the Asian markets, where companies with no analyst coverage and very little buy-side interest can be found. Since inception in 2012 to the end of 2017, the sterling denominated share class has delivered an annualised return of 20.1 per cent. This compares favourably to an index return of 13.6 per cent per annum. 
“Samarang differs greatly to other funds in the Asian region, with the manager restricting fund size in order to keep the opportunity set as large as possible, focusing on delivering the best performance for clients rather than increasing its asset base,” says Tom Delic (pictured), fund manager, Seneca Investment Managers. “For example, in Vietnam, where Samarang has a large allocation, the fund focuses on the smaller cap end of the market. Here, the manager can find high return on equity operations trading at significant discounts to conservative estimates of the net asset valuation of the business. Around 15 per cent of the fund invests in utility businesses in Vietnam such as hydropower and gas distribution. Companies in the sector are trading at high single digit dividend yields with good growth prospects based on the country’s increasing industrial demands.
“This approach aligns with our own ethos of active management and multi-asset value investing, making the Samarang Asian Prosperity Fund a good fit for the Seneca Global Income & Growth Trust. We seek asset managers rather than asset gatherers.
“Our new position in the Samarang was funded by a reduction in holdings of the Aberdeen Asian Income Fund. When comparing the two funds, Samarang’s portfolio trades at around a 50 per cent discount to that of Aberdeen’s, on simple valuation metrics. The median market cap of a typical Samarang stock is GBP100 million versus a median of GBP6.2 billion in the case of Aberdeen’s portfolio.”   

Latest News

BlackRock's iShares, an undisputed leader among European ETF issuers, pushed further ahead in Q1 with EUR173 billion in trades, triple..
European ETFs raised USD47.8 billion in Q1, a 15 per cent increase compared to the same period in 2023, according..
LSEG Lipper’s March report finds that globally equity ETFs (+EUR113.2 billion) enjoyed the highest estimated net inflows for the month,..
Morningstar has published a review of the European ETF market for the first quarter 2024, which finds that it gathered..

Related Articles

etf active trading
Latest Morningstar data shows actively managed ETFs’ share of the US ETF market rose to 8.5 per cent at the...
Kristen Mierzwa, FTSE Russell
Index Investments Group (IIG), a division within index provider FTSE Russell, has extended its range of indices through two new...
US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles...
Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by